The Real Deal Miami

Miami-Dade Walgreens trades for $1M premium

Store has been sold four times since it was built
The Walgreens at 5701 Northwest 183rd Street in Northwest Miami-Dade

The Walgreens at 5701 Northwest 183rd Street in Northwest Miami-Dade

A Walgreens in northwest Miami-Dade County was just sold for $5.9 million — a $1.1 million increase from its last sale two years ago.

The store is located at 5701 Northwest 183rd street. It was built in 1997 on a lot that’s just under two acres, and has been sold four times for ever-increasing amounts since then.

This latest sale was between an out-of-state company and an affiliate of the Miami Beach-based Karlton Investment Group, which purchases and manages commercial real estate.

Karlton paid roughly $327 per square foot to acquire the store, which might be its first Walgreens purchase. The company doesn’t list single retail locations on its website’s portfolio page, only larger shopping centers that it owns both locally and in states like Tennessee, North Carolina and Georgia.

The seller is a company titled WG Hialeah, managed by Benjamin E. Nickoll of Connecticut. Nickoll paid $4.85 million for the Walgreens in 2013, according to county property records.

He purchased the store from another group of out-of-state investors, who had first paid $3.475 million to acquire the store right after it was built in 1997.

The developer of the store, California-based JCG Development, paid $1.066 million for the land in 1996.